(Updates with quotes in third paragraph.)
Dec. 6 (Bloomberg) -- Algeria plans to amend its energy law, including clauses on tax measures and contractual arrangements between state energy company Sonatrach and its partners, the official Algerie Presse Service reported.
The amendment is aimed at boosting foreign investments, particularly in exploration, to increase the North African country’s oil and gas reserves, the Algiers-based news agency cited Energy Minister Youcef Yousfi as saying.
“We have to adapt to the international situation,” he said in Doha, Qatar, according to APS. “We have oil reserves that are largely comfortable, but you must provide local security of supply in the very long term and strengthen the role of Algeria as a key player in international trade energy,”
Since Algeria’s hydrocarbons law was amended in 2006, the North African country has conducted three international bidding rounds for oil and gas exploration, granting four blocks in 2008, three in 2009 and two in 2011, APS said.
Algeria, a member of the Organization of Petroleum Exporting Countries, pumped 1.27 million barrels of oil a day in November, according to data compiled by Bloomberg. Algeria’s proven oil reserves were 12.2 billion barrels at the end of 2010, making it holder of Africa’s fourth-largest crude reserves, according to BP Plc.
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